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Ethereum breaks $4K as whales move $667M – How did ETH prices react?
Ethereum has finally breached the crucial barrier of $4,000, marking a significant milestone in its journey towards mainstream adoption. The surge was largely driven by an influx of large-scale transactions, amounting to a staggering $667 million worth of Ethereum (ETH), as reported by Lookonchain and other on-chain sleuths.
As the price of ETH closed at $4,196 at press time, a number of market indicators have been activated. The daily chart shows a strong bullish momentum, with the Relative Strength Index (RSI) climbing above 72 to signal overbought conditions. Moreover, the MACD histogram has widened, indicating sustained buying pressure.
It is undeniable that the recent surge in whale accumulation has played a pivotal role in driving the price of ETH upwards. The aggressive OTC inflows suggest a strategic long-term position rather than short-term speculation. This development could have far-reaching implications for the overall trajectory of the cryptocurrency market.
In this context, it is crucial to note that Ethereum’s circulating supply has officially crossed the 121 million mark. This milestone was achieved nearly three years after reaching the 120 million mark in August 2022. Currently, the network mints between 2,500 and 3,000 ETH daily, but staking activity continues to offset a portion of this issuance.
The ongoing staking participation has an undeniable impact on Ethereum’s inflation profile by alleviating the effects of increased circulation. This is further complicated by the fact that staking withdrawals can also influence ETH’s price in the long run.
As the market sentiment turns decisively bullish, traders are advised to remain cautious about potential pullbacks if profit-taking begins at these higher price levels. It appears that a new era has dawned for Ethereum as it continues to defy expectations and confound skeptics alike.
In conclusion, it can be safely stated that the current rally is largely driven by large-scale transactions. As whales continue to accumulate massive amounts of ETH, the market may see further gains in the coming days.
Source: ambcrypto.com
